Institutional investors will have to disclose upfront at the time of placement of an order whether the transaction is a short sale, according to a new circular issued by markets regulator SEBI on Friday. However, retail investors would be permitted to make a similar disclosure by the end of the trading hours on the transaction day, the order said. “The brokers shall be mandated to collect the details on scrip-wise short sell positions, collate the data and upload it to the stock exchanges before the commencement of trading on the following trading day. The stock exchanges shall then consolidate such information and disseminate the same on their websites for the information of the public every week. The frequency of such disclosure may be reviewed from time to time with the approval of SEB,” it added.